Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Biden vows to raise taxes on anyone earning over $400K

Biden vows to raise taxes on anyone earning over $400K

President Joe Biden said anyone earning more than $400,000 a year would see a tax increase under his forthcoming economic program, highlighting the administration’s plans to address inequality in part through levies on the wealthy.

“Anybody making more than $400,000 will see a small-to-a-significant tax increase,” Biden said during an interview on ABC’s Good Morning America that aired Wednesday. “You make less than $400,000, you won’t see one single penny in additional federal tax.”

Biden acknowledged that he was unlikely to receive support from Republican lawmakers for any type of tax hike, but said he would get Democratic votes.

The president’s remarks, taped on Tuesday during a visit to Pennsylvania, show the emerging outlines of his next economic proposal. Buoyed by the passage of the $1.9 trillion Covid-19 relief bill, Democrats are now planning for an even more ambitious legislative package to fund infrastructure, child- and elder- care and fighting climate change.

Economists and analysts predict the next proposal will cost anywhere from $2 trillion to $4 trillion, with roughly $1 trillion in proposed tax increases to pay for part of the spending. But Congress is unlikely to pass such significant tax increases, which would amount to the first major hike in decades.

Addressing Inequality


Some tax increases, such as rolling back tax cuts from the Republicans’ 2017 bill and increasing the rate on capital gains, have already been outlined in Biden’s campaign proposal. The president has long said he wants the tax code to work in a fairer fashion and to tax investments as much as income.

Part of this would involve raising taxes on capital gains, increasing the estate tax and ensuring that companies pay more by raising the corporate tax rate and paring back preferences for so-called pass-through businesses.

Up until this week, the Biden White House had been mum on its tax plans. But now that the pandemic-relief bill has passed Congress, the president and his aides are slowly starting to preview their ideas.

“The president remains committed to his pledge from the campaign that nobody making under $400,000 dollars a year will have their taxes increased,” White House Press Secretary Jen Psaki said Tuesday. “His priority and focus has always been on people paying their fair share, and also focusing on corporations that may not be paying their fair share, either.”

Threshold Question


Officials have referred to the $400,000 threshold in differing ways, sometimes saying that the bar is a measure of household, rather than individual income. A specific proposal has yet to be announced.

White House aides also are emphasizing that tax increases are necessary to fund critical government programs.

“We need to make sure that we connect the dots between the needs of the American people, making sure that we have fiscal sustainability, and that we have a tax system that is fair and just, but that makes sure that we have the revenue that we need to do the things the government needs to do,” said Heather Boushey, a member of the White House Council of Economic Advisers.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
×